The Indian government plans to double its nuclear power generation capacity to over 10,000 megawatt over the next five years, according to a report by the London-based Technavio, a tech-focused research firm.
“For instance, in India, due to the increase in electricity demand, the government plans to double its nuclear power generation capacity to over 10,000 MW over the next five years,” says Faisal Ghaus, Vice President of Technavio.
The report on the global nuclear reactor construction market expected it to grow at a CAGR of over five per cent from 2015-2019.
The report exhibits the demand for electricity, which has increased because of the rise in populations and increase in industrialization, triggering investment in nuclear power plant construction.
There were 64 nuclear reactors under construction with an installed capacity of 66,297 gross MW as of June 2015, it said citing World Nuclear Association data. Comparatively, total nuclear electricity generation worldwide was 2,411 billion KWh in 2014.
The report also emphasizes the government organizations across countries such as India, the US, and the UK, among others, which are increasingly focusing on investment in R&D in nuclear power.
“In 2014, the government of the UK established the nuclear innovation and research advisory board to advise the government on research and innovation to reinvigorate the nuclear sector,” adds Ghaus.
Read more on Global Nuclear Reactor report at http://www.technavio.com/report/global-nuclear-reactor-construction-market-2015-2019
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